In the model of elementary magnets we imagine that when iron (in this case paperclips) and a magnet are separated from each other, the “mini-magnets“ (elementary magnets) realign randomly over time. The elementary magnets lose their parallel structure and realign randomly, so that the magnetic effect of the iron is lost.
In contrast, the elementary magnets in a real magnet permanently point in the same direction. As long as there are no bigger impacts from outside, a magnet keeps its effects.